Hanwha Vietnam plans to raise capital by US$131mJuly 16 2018 by InsuranceAsia News Staff
Hanwha Life Insurance Company (Vietnam) said it will increase its charter capital by about Vnd3 trillion (US$131 million) to Vnd4.89 trillion ($214 million), making it one of the largest life insurance companies in the country.
The move already has the approval of the Ministry of Finance.
According to company officials, the injection of more capital shows its long-term commitment to the Vietnamese market and will provide a solid financial foundation for its development efforts.
According to the company’s CEO and chairman, Back Jong Kook, financial muscle is an important metric for any life insurance company.
Hanwha Vietnam has enjoyed a strong performance since 2009, the year when it was founded.
Its new premium revenue growth has averaged 41% per annum over the past five years, which is 10% higher than the industry average. Its revenues have also expanded by 54%.
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